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Review of Trends and Operations

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Review of Trends and Operations PART TWO: REVIEWAnnual OF ReportTRENDS 2004-05 AND OPERATIONS 1. PRIMARY SECURITIES MARKET Excluding offer for sale, the total amount The primary segment of the capital mobilised in 2004-05 was Rs. 25,056 crore, market was characterised by heightened which was more than three times higher than activities during 2004-05. Strong fundamentals that of Rs. 8,023 crore in the previous year. of the economy, encouraging corporate This indicates the revival of investors’ interest results, buoyant secondary market, revival of in the primary market. The number of issues structural reforms by the government and an was also higher at 60 in 2004-05 than that of investor friendly regulatory framework 57 in 2003-04. Out of 60 issues, 34 were provided by SEBI attracted the investors to public issues (consisting of 23 IPOs and 11 the primary market. Several mega issues listed issues) and the remaining 26 were apart, a number of small issues entered the rights issues. market. There has been overwhelming The public issues continued to remain as response to most of the public issues from the dominant mode of resource mobilisation FIIs, other institutional investors and the retail through which Rs. 24,640 crore was mobilised investors. Large number of the issues was in 2004-05 as compared with Rs. 22, 265 crore over-subscribed indicating the quality of in 2003-04, an increase of 10.7 per cent over issues and the appetite for public issues by the year. However, the share of public issues the investors. The post-listing performance of in the total amount mobilised declined to 87.2 most of the IPOs was encouraging. Unlike per cent in 2004-05 from 95.7 per cent in the previous year, the private sector 2003-04. Of the total public issues in 2004- dominated the primary market during 2004- 05, Rs.13,749 crore was mobilised through 05 and mobilised sizeable amount of the IPO route and Rs.10,891 crore through resources through public and rights issues. subsequent issues by the listed companies (Chart 2.1). There was a quantum jump in the I. Capital Raised during 2004-05 amount mobilised through IPOs in 2004-05 The total amount of capital raised during with its share in total capital moblised rising 2004-05 through public and rights issues from 14.7 per cent to 48.7 per cent. All the (including offer for sale) stood at Rs. 28,256 public issues through IPOs were equity issues crore as compared to Rs. 23,272 crore in while the listed companies mobilised Rs. 7,023 2003-04, an increase of Rs. 4,984 crore or crore through equities and Rs. 3,867 crore 21.42 per cent over the year (Table 2.1). through debt instruments. Table 2.1: Resource Mobilisation through Public and Rights Issues (Rs. crore) Percentage Share 2003-04 2004-05 in Total Amount Particulars No. Amount No. Amount 2003-04 2004-05 1 234 5 67 Public Issues, of which 35 22,265 34 24,640 95.67 87.20 IPOs 21 3,433 23 13,749 14.75 48.66 Listed 14 18,832 11 10,891 80.92 38.54 Rights Issues 22 1,007 26 3,616 4.33 12.80 Total 57 23,272 60 28,256 100.00 100.00 Memo Item: Offer for Sale 8 15,249 3 3,200 65.50 11.32 30 Part Two: Review of Trends and Operations During 2004-05, resource mobilisation II. Size and Composition of the through rights issues was Rs.3,616 crore which Issues was three and half times higher than that of The size-wise distribution of capital raised Rs.1,007 crore in 2003-04. As there was an is presented in Table 2.3. While the number exponential growth in the amount mobilised of issues were more for issue sizes up to Rs. through rights issues, their share in the total 100 crore, the amount mobilised continued to amount mobilised jumped from 4.3 per cent in remain high in the cluster between Rs. 100 2003-04 to 12.8 per cent in 2004-05. crore and Rs. 500 crore. During 2004-05, there The sector-wise classification shows that were 2 issues worth Rs.3 crore in the issue the private sector dominated the resource category of less than Rs.5 crore compared to mobilisation efforts in 2004-05 with 60.7 per 6 issues worth Rs.16 crore in 2003-04. In the cent share in the total resource mobilisation, issue size category of between Rs.10 crore followed by the public sector with 39.3 per and Rs.50 crore, there were 16 issues worth cent (Table 2.2). The share of joint sector in Rs.330 crore in 2003-04 which improved to 2004-05 was nil. In 2003-04, the shares of 17 issues worth Rs.461 crore in 2004-05, an private, public and joint sectors were 15.5 per increase of 39.7 per cent. The highest increase cent, 80.2 per cent and 4.3 per cent, was in the range of Rs.50 crore to Rs.100 respectively. Dominance of private sector in crore, within which 11 issues worth Rs.723 the mobilisation of resources from the primary crore was raised in 2004-05 compared to 5 market could be attributed to several factors issues worth Rs.351 crore in 2003-04, an which include, inter alia, resurgence of increase of 106.0 per cent. The amount industrial activities, buoyancy in the secondary mobilised in the issue size category between market, downward rigidity in the lending rates Rs.100 crore and Rs.500 crore declined by of the commercial banks and investors’ 21.4 per cent to Rs.3,594 crore in 2004-05 as confidence in the regulatory system compared with Rs.4,571 crore in 2003-04. The (Chart 2.2). amount mobilised in the above Rs.500 crore 31 Annual Report 2004-05 Table 2.2: Sector-wise Mobilisation of Resources (Rs. crore) Percentage Share 2003-04 2004-05 in the Total Amount Sector No. Amount No. Amount 2003-04 2004-05 1 234 5 67 Private 38 3,619 55 17,162 15.55 60.74 Joint 1 993 0 0 4.27 0.00 Public 18 18,660 5 11,094 80.18 39.26 Total 57 23,272 60 28,256 100.00 100.00 category increased by 30 per cent to year under review. There were seven mega Rs.23,431 crore in 2004-05 as against issues above Rs.1,000 crore which together Rs.17,968 crore in 2003-04. The share of constituted 80 per cent of the total resource above Rs.500 crore category in the total mobilisation. resource mobilisation rose from 77.2 per cent in 2003-04 to 82.9 per cent in 2004-05. III. Industry-wise Resource Mobilisation There were 11 large issues of Rs. 300 Industry-wise, banking/financial institution crore and above, accounting for 87 per cent sector mobilised the largest amount of of the total resources mobilised in 2004-05 resources in 2004-05, both in terms of (Table 2.4). The highest amount mobilised by number of issues and amount mobilised a single public issue was that of NTPC at (Table 2.5). There were 12 issues worth Rs. 5,368 crore, accounting for 22 per cent Rs.11,311 crore in 2004-05 by the banking/ of large issue mobilisation and 19 per cent financial institution sector compared to 11 of the total resource mobilisation during the issues worth Rs.5,428 crore in 2003-04, an 32 Part Two: Review of Trends and Operations Table 2.3: Size-wise Distribution of Resource Mobilisation (Rs. crore) Percentage Share 2003-04 2004-05 in the Total Amount Issue Size No. Amount No. Amount 2003-04 2004-05 1 234 5 67 < Rs. 5 cr. 6 16 2 3 0.07 0.01 => Rs. 5 cr. & <Rs. 10 cr. 5 36 5 44 0.15 0.15 => Rs. 10 cr. & <Rs. 50 cr. 16 330 17 461 1.42 1.63 =>Rs. 50 cr. & <Rs. 100 cr. 5 351 11 723 1.51 2.56 =>Rs. 100 cr. & <Rs. 500 cr. 17 4,571 17 3,594 19.64 12.72 =>500 cr. 8 17,968 8 23,431 77.21 82.93 Total 57 23,272 60 28,256 100.00 100.00 Table 2.4: Large Issues during 2004-05* (Rs. crore) Date of Percentage Type of Type of Offer Name of the Company Opening Share Issue Instrument Size of Issue in the Total Amount 123456 ICICI Bank Ltd. Public Equity 2-Apr-04 3,500 14.18 TCS Ltd. Public Equity 29-Jul-04 4,713 19.10 Sterlite Industries (India) Ltd. Rights Equity 12-Aug-04 1,972 7.99 National Thermal Power Corporation Ltd. Public Equity 7-Oct-04 5,368 21.76 IDBI Ltd. Public Bond 14-Jan-05 2,118 8.58 ICICI Bank Ltd. Public Bond 27-Jan-05 740 3.00 Jet Airways (India) Ltd. Public Equity 18-Feb-05 1,899 7.70 ICICI Bank Ltd. Public Bond 28-Feb-05 451 1.83 Punjab National Bank Public Equity 7-Mar-05 3,120 12.64 Jaiprakash Hydro-Power Ltd. Public Equity 22-Mar-05 486 1.97 ING Vysya Bank Ltd. Rights Equity 30-Mar-05 307 1.24 Total 24,674 100.00 * Large issues relate to issue size of Rs. 300 crore and above.
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